22 July 2018
Visit www.avoka.com

Vietnam's Sacombank live with Temenos T24

29 March 2010  |  5371 views  |  0 Source: Temenos

Temenos (SIX: TEMN), the market leading provider of integrated core banking systems, today announces that Sacombank, Vietnam's sixth largest retail bank, has gone live on Temenos T24 (T24).

Sacombank now fully operates its entire banking operations to support over two million customers on T24.

T24 was deployed in over 250 branches in just over one year, with the project completed ahead of schedule. This included launching new operations in Lao and Cambodia in less than four months.

Sacombank is one of the most profitable banks in Vietnam which generated a return on capital of over 25% and increased its pre-tax profit by 96% last year. A T24 user since 2004, Sacombank used the system to support several areas of its business including general ledger, customer information system, deposit and credit products and services. It extended its partnership with Temenos in 2008 to extend its use of T24 to its entire operations in support of its ambitious growth objectives.

"Rolling out T24 to all branches allows us to begin our expansion beyond Vietnam and enter new markets, including the US, the EU and Australia. It also allows us to address key issues such as delivering country-specific offerings and ensuring we're compliant with changing regulation. T24 now provides us with three things; complete multi channel support, helping offer customers a greater choice of non-stop services via increased channels, including internet banking; and improved risk management processes - integrated loan origination with flexible credit control and approvals mechanisms provide us with the flexibility to remain compliant with changing regulation; with full support for Basel II and IFRS (International Financial Reporting Standards)', comments Mr. Dang Van Thanh, Chairman of Sacombank.

T24 replaced Smartbank, the bank's previous system which had been in place for over a decade.

Andreas Andreades, CEO, Temenos, comments: "This successful and rapid deployment illustrates how large scale retail banks like Sacombank are achieving growth and boosting profitability through sustained investment in advanced, packaged core banking software. As a global system, T24 will allow Sacombank to simplify its infrastructure and automate a number of processes for a substantially lower cost of ownership, and to develop new products at a significant pace to remain a step ahead of its competitors. We look forward to building on our relationship with Sacombank and observing their success as they rapidly expand.'

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related company information

Temenos – The Banking Software Company

Related blogs

Create a blog about this story (membership required)
Visit iliad-solutions.com/Visit http://go.jumio.com/finextraAdVisit https://secure.vasco.com

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
13891 views comments | 7 tweets | 8 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
11496 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
10268 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
7654 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
7524 views comments | 2 tweets | 7 linkedin

Featured job

Basic c Euro 120K, Variable Euro 120K - full ben...
Paris prefered London possible

Find your next job